Which is better - choosing With or Without Conversion at ATM in Montserrat?
No question, always choose Without Conversion. The ATM's conversion rate is always worse. It’s a classic traveler’s trap. You’re better off letting your own bank, like your Chase Visa or a Wise card, do the currency conversion. They will almost always give you a better, more competitive rate. Don't be fooled by the convenience of seeing your home currency on the screen.
Always choose Without Conversion. That's the golden rule for travelers everywhere. The ATM is trying to make a profit by using a poor exchange rate, and the process is known as Dynamic Currency Conversion. Even if your bank charges a small foreign transaction fee, it's almost always a better deal than what the ATM offers. The ATMs are limited on the island, so you'll want to get as much cash as you can.
Without a doubt, go Without Conversion. I was there a few months back and the ATM at the Bank of Montserrat offered to process my transaction in US dollars. It seemed convenient, but I knew better. Choosing to let your own bank do the conversion will almost always result in a better rate. Don't fall for the trick. Plus, cards are not widely accepted anyway, so you will need to get cash.
You'll definitely want to choose Without Conversion at the ATM. When an ATM offers to convert the East Caribbean Dollar to your home currency, it's called Dynamic Currency Conversion (DCC), and it's a huge rip-off. The ATM provider, likely the Bank of Montserrat, will use a terrible exchange rate and tack on extra fees. You'll save money by letting your home bank handle the conversion, even with a foreign transaction fee. Always pay in the local currency, which is the East Caribbean dollar.